Deal Wrap is updated as of 4 p.m. ET.
– Neighbourly Pharmacy Inc. entered into a letter of intent with an affiliate of PCP GP LP, in respect of a transaction whereby a newly formed entity controlled by PCP will acquire all Neighbourly shares not yet owned by the private equity firm for C$20.50 per share in cash. Neighbourly granted the purchaser exclusivity through Nov. 13 to complete negotiations of definitive agreements. Scotiabank and RBC Capital Markets are serving as financial advisers and Stikeman Elliott LLP is acting as legal adviser to PCP on the proposed transaction. TD Securities is the financial adviser and independent valuator to Neighbourly's transaction committee, and McCarthy Tétrault LLP is acting as the committee's independent legal adviser.
– IA American Holdings Inc., a subsidiary of iA Financial Corporation Inc. agreed to acquire Vericity Inc., which is majority-owned by JC Flowers & Co. LLC. The all-cash deal, which is valued at about $170 million, is expected to close in the first half of 2024. Raymond James Financial Inc. is financial adviser and Skadden Arps Slate Meagher & Flom LLP is acting as legal adviser to Vericity.
– Warburg Pincus LLC is investing in healthcare services outsourcing company Everise Holdings and will join existing investor Brookfield to accelerate the growth trajectory of Everise. Private equity firm Everstone Capital Asia Pte. Ltd. will exit its investment in Everise as part of the transaction, which is expected to close by the end of 2023.
– Transition Capital Partners Ltd. announced the acquisition of Texwin Metal Buildings, a manufacturer and retailer of portable buildings and custom metal buildings. Transition Capital partnered with Plexus Capital LLC and the Texwin management team.
– Vista Equity Partners Management LLC made a strategic growth investment in TRG Screen, which provides enterprise subscription spend and usage management software. Kirkland & Ellis LLP was legal counsel and Raymond James served as financial adviser to Vista. Alston & Bird LLP acted as legal adviser and William Blair & Co. and Truist Securities were financial advisers to TRG Screen.
– Grove Mountain Partners LLC sold Central States Paving and Concrete LLC to Pave America. Grove Mountain and its operating partner investors are retaining a significant equity stake in the company, and the entire management team will remain with the business. Citizens was an adviser to Central States Paving, and DLA Piper LLC acted as legal counsel to the company and Grove Mountain.
– InvestBev Group made a significant investment in Thomas Ashbourne Craft Spirits.
For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
